Coinbase Closes Chicago Office and Scales Down Work on Matching Engine

Major -based shut down its office and scaled down the development of its
matching engine, Fortune on April 23.

Per the report, the exchange will consolidate the
high-frequency trading matching engine efforts into its
office. Coinbase also purportedly laid off
about 30 employees and will relocate some to the area of the
other office, while others will work remotely.

According to local news site , when
the company announced the opening of the Chicago office in May
last year, it planned on hiring 100 people over three years,
most of whom were going to be engineers.

The office was lead by Paul Bauerschmidt, who according to his
LinkedIn was the former
managing director at Eris Exchange and executive director at
, and Derek Groothius, who was previously a
software engineer at DRW. Both are leaving the company.

A spokesperson of the company reportedly told Fortune that
while the closure of the office is a setback, the company is
continuing to hire new employees in other offices. The
spokesperson also noted that high-frequency trading is no
longer a priority and that the company is focusing on new
products.

The Block that the
decision to close the office was made at the executive level
and it is unclear whether the employees were expecting their
positions to be terminated. The Block estimated that simply the
teams salaries could have been as high as $6 million, without
accounting for bonuses, office rent or the cost of technology.

As Cointelegraph last week, Coinbase reportedly saw around $520
million in revenue last year, 60% less than some analysts
expected.

On the other hand, competing crypto exchange $78 million in profits in Q1 2019, up 66% compared
to the previous quarter.

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